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previously. now, that's two months earlier. we knew that mr. monti, the technocrat prime minister was going to step down. his days were numbered, anyway. so this is just a change of the time frame. it's not a huge surprises in itself. the only surprise is the timing. markets are selling down somewhat this morning. banking stocks. but some of the economists we talked to here, they say, yes, we may see some volatility in the short-term, specifically over the next two months of campaigning because a lot of horse trading will be taking place, a lot of statements will be made which may rattle the markets, but the crux of the matter is this. if you look at opinion polls right now, as a democratic party under berlusconi, he will likely win this election. current opinion polls suggest that he will walk away with around 30%. berlusconi's party, anti-austerity, anti-german, would only walk around with around 16% of the votes. so that 16% gap will be very, very difficult to be made up just over the next two months. so that's why many people say that the earlier election date is actually positive for t
on in the u.k. so so far, and i've basebaeen following the swiss press, there's no major calls for mr. monti to step down. of course, they weren't necessarily with the bank when all this manipulation happened. someone's going to take responsibility, right? >> yeah. i think this would be really harsh on the -- on the top management. the top management is only in charge since 2011. so clearly after the libor manipulation is over and -- i think we'll see something like 35 traders being charged for this, and i think this is probably what will happen. the management of the investment bank has changed several times since then. and i don't think anything would be necessary right now with the new management. >> dirk, you mentioned, too, broader concern. what happened at barclays spurred basically a restructuring. ubs we're seeing that restructuring take place. what are the prospects for this company going into 2013? >> well, ubs by its own admission expects mid single digit roes for 2013 and 2014. so this is one of the lowest roes in the banking sectorment at t -- sector. they're trading at multiple
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